Silver. It’s shiny, undervalued, and if you listen closely—it’s screaming for attention. So let’s take a serious look beyond the glint and dig into what’s going on in this peculiar metal’s world. Moan, groan, or speculate—it’s up to you.

Who’s Actually Producing the Stuff?

Let’s begin with the players in the silver mining scene. Primary silver producers are a different breed entirely—less flashy than gold majors but facing the same tough terrain. Here’s a representative list of the big names:

• First Majestic (AG)
• Fresnillo (FRES-L)
• Aya Gold & Silver (AYA.TO)
• Hochschild Mining (HOC-L)
• Fortuna Silver Mines
• Hecla Mining
• Pan American Silver
• Penoles
• Polymetal
• Buenaventura (BVN)
• KGHM (KPHM)

It’s worth noting that over 70% of global silver production comes from just six countries: Bolivia, Russia, China, Mexico, Poland, and Australia. That alone should make you pause.

Where Does It All Go?

Silver demand is broad and growing. The usual suspects include:

• Renewable energy (solar panels)
• Electronics & technology
• Jewelry
• Medical equipment
• Coins
• Investment-grade bullion

But wait—we missed something. Something very big.

The Military Silver Siphon

Nobody talks about it—but they should. The largest silver-consuming sector isn’t jewelry or solar panels—it’s military use. And here’s the kicker: none of it is recyclable.

• Every Tomahawk missile launched: ~500 ounces of silver destroyed
• Every torpedo deployed: ~1,000 ounces gone
• Drones, guidance systems, high-tech surveillance—silver is embedded, unrecoverable, and increasingly consumed

As the world ramps up its arsenals, silver quietly disappears into the fog of war.

What’s Crippling the Producers?

Primary silver miners share many of the same woes as their gold counterparts:

• Suppressed and manipulated prices
• Labor shortages
• Rising equipment and energy costs
• Regulatory headaches
• Hostile jurisdictions
• Water and environmental constraints
• Skyrocketing rehabilitation costs

So we ask: Why would anyone want to be in this business?

A Critical Material, A Broken Market

Here’s a truth that few are saying aloud: Silver is a critical material for modern warfare and global infrastructure. But it’s still priced like a shiny trinket.

So, if you were offered a chance to acquire a critical resource—one being consumed faster than it’s produced—and you could get it at a discount… what would you do?

You might moan. You might groan. But me? I speculate.

Final Thought: The 44% Gap No One’s Talking About

Let’s close with a number that should raise eyebrows:
In 2024, the structural deficit between silver production and silver demand was 44% of total global production. Let that sink in.

That’s not a glitch. That’s a gaping hole in the supply chain.

If war slows, the silver deficit remains. If conflict escalates, the pressure only intensifies. Either way, we are not producing enough.

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Moan. Groan. Speculate. Your move.

DG